Thursday, June 19, 2008

Bear Stearns Employees Arrested

In breaking news from Reuters, they divulge information that two former hedge fun managers at Bear Stearns were arrested after authorities investigated the collapse of their hedge fund. Ralph Cioffi and Matthew Tannin are expected face security fraud charges. The two funds they were managing collapsed and it is one of the causes for the current credit crisis.

According to Reuters, there was an email that is expected to be very important in the case:

The indictments are expected to cite a personal e-mail sent by one manager to the other that appeared to suggest the Bear funds were in difficulty, days before one of the managers told investors that he was comfortable with the holdings, according to the Wall Street Journal.

Share this article with your social network, just click below to share now!

No comments: